The Homomorphic Encryption Market: Enabling Secure Cloud Data Analytics
The global homomorphic encryption market is poised for robust growth driven by the rising need for securing sensitive data used in cloud-based analytics and computations. Homomorphic encryption allows complex mathematical operations on encrypted data without decrypting it first. By enabling secure cloud data processing, it resolves privacy concerns associated with migrating analytics workloads to public clouds.
Market Overview
Homomorphic encryption implements cryptographic techniques to generate ciphertexts that can be analyzed and worked upon without accessing the decrypted data. It allows third-party services to derive insights from encrypted data without revealing the data itself. The market is evolving with recent advancements making fully homomorphic encryption more practical for real-world adoption across sectors.
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Market Growth
The homomorphic encryption market worldwide is projected to register an impressive CAGR of over 7.2% between 2022 and 2030, reaching a valuation of USD 303.2 million by 2030. Growth drivers include increasing demand for privacy-preserving machine learning and analytics on the public cloud. Rising focus on confidential computing capabilities and regulatory mandates related to data security and residency are also accelerating adoption.
Key Companies
Leading providers of homomorphic encryption solutions include
- Microsoft
- IBM
- Galois,
- Crypto4A Technologies
- Enveil
- ShieldIO
- HashiCorp
- Inpher
- Zama
These companies offer on-premise and cloud-based offerings catering to diverse organizational needs. They are focused on making homomorphic encryption commercially viable through continued research and product innovation.
Market Segmentation
Based on deployment mode, the market is bifurcated into cloud and on-premise segments. Considering application, key segments include data security, privacy-preserving analytics, payments fraud detection, regulatory compliance and others. Prominent end-user industries driving adoption are BFSI, healthcare, pharmaceuticals, technology and government.
Market Drivers
- Growing need to ensure privacy and security when processing and analyzing sensitive data via public clouds.
- Rise in stringent regulations pertaining to data security, residency and privacy.
- Increasing demand for confidential computing capabilities across data-sensitive sectors.
- Maturing capabilities making homomorphic encryption commercially ready for integration into enterprise security infrastructure.
- High applicability in privacy-preserving machine learning models, statistical analytics and other computation-heavy workloads involving private data.
- Rising usage in verticals like banking, insurance, pharmaceutical research and clinical studies.
Regional Insights
North America accounts for the largest share in the homomorphic encryption market backed by early adoption in data-sensitive industries. Asia Pacific is expected to exhibit the fastest growth driven by increasing digitalization and data protection regulations in the region.
Industry Latest News
- In 2022, Cosmian raised USD 9 million in Series A funding to drive enterprise adoption of its homomorphic encryption solutions.
- In 2021, Microsoft introduced homomorphic encryption support on Azure to strengthen confidential computing provisions.
- In 2022, ShieldIO launched record-breaking homomorphic encryption speeds enabling real-time data analytics.
- In 2021, IBM partnered with Thales to offer quantum homomorphic encryption capabilities to clients.
- In 2022, Galois teamed up with Intel to advance confidential computing through its homomorphic encryption platform.
With exponentially growing data volumes and analytics needs, homomorphic encryption is vital for deriving business value securely. As more organizations seek privacy-preserving computation capabilities, the market is poised for robust growth globally.
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